The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Purchased $273,000 of materials. Used $196,560 of direct materials in production. Incurred $491,400 of direct labor wages. Incurred $196,600 of factory overhead. Transferred $829,900 of work in process to finished goods. Sold goods for $1,310,400. Sold goods with a cost of $737,100. Incurred $234,800 of selling expense. Incurred $136,500 of administrative expense. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Using the information given, complete the following: Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues $fill in the blank 3 Cost of goods sold fill in the blank 5 Gross profit $fill in the blank 7 Operating expenses: Selling expenses $fill in the blank 9 Administrative expenses fill in the blank 11 Total operating expenses fill in the blank 12 Net income $fill in the blank 14 Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials $fill in the blank 15 Work in process $fill in the blank 16 Finished goods $fill in the blank 17 Feedback Area Feedback Use "f, g, h, and i" in preparing the income statement. Show the transactions in T accounts for materials, work in process, and finished goods.